Companies: AFE   

Mining hopeful African Eagle Resources describes nickel assays from its Dutwa project in Tanzania as ‘very promising’.

The AIM-quoted company says the assays from drilling at Dutwa, a gold and base metal project in the Kilimafedha greenstone belt in the Lake Victoria goldfields, includes 36 metres at 1.16 per cent nickel (with 12 metres at 2.52 per cent), 39 metres at 1.11 per cent nickel and 21 metres at 1.33 per cent, at depths ranging from six to 18 metres.

Managing director Mark Parker argues the drilling results from Dutwa ‘suggest a substantial nickel endowment’ and maintains this is a ‘highly significant discovery, the first of its type in Tanzania’.

Floated at 6p five years ago, African Eagle is involved in gold, copper and nickel projects in Tanzania, Zambia and Mozambique. The company aims to complete a feasibility study for its Mkushi copper project in Zambia later this year and has defined a half-million-oz gold resource at Miyabi in Tanzania.

However, investors have grown impatient and African Eagle’s shares, which hit 25.25p in 2005, recently reached a low of 3.62p. The Dutwa assays have prompted a modest, 0.25p, rally to 3.88p, which could go further if progress is maintained.    

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African Eagle Resources	AIM	£4.78m	2.25p	0.12p
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Other company articles:
African Eagle states new resource			27/11/2008
Grades boost for African Eagle			22/10/2008
African Eagle hails nickel find			26/08/2008
Upgrade cheers African Eagle			18/07/2008
Miner moots Zambian listing			08/05/2008